Colorado's Monthly Betting Handle Tumbles in April
The Colorado Division of Gaming has posted its revenue report for April, revealing a month-on-month decline in handle and sports betting revenues.
LISTEN TO THIS ARTICLE:In the month, Colorado bettors wagered a total of $509.5 million, a nearly 14.1% decrease from the $593.1 million they handled in March. However, the figure was higher by $91.5 million compared to the $417.8 million wagered in April last year.
While the mobile sports betting apps in the state accounted for $507.1 million of the total wagers, nearly $2.5 million came from retail locations.
With the latest figure, Colorado's total handle in the first four months of the year has reached $2.24 billion, up 18.7% from the same period in 2023. The Centennial State has also exceeded a lifetime handle of $18 billion, becoming the sixth state to do so in the US, following New Jersey, New York, Nevada, Illinois, and Pennsylvania.
Low Hold Rate Leads to $32m Revenue
In April, operators had a win rate of 6.3%, making it over 19 months since the state's sports betting operators achieved a hold rate above 10%.
The low margin translated to gross sports betting revenues of $32 million for betting providers in Colorado in the month. While the amount improved by 8.9% year-over-year, it dropped by 28.9% below the $45 million revenue generated in March.
Of the total, online or mobile sports betting platforms accounted for $32.2 million. However, the retail sportsbooks in the state lost $160,000.
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With the figures added in, Colorado's sports betting revenues in the first four months of 2024 have now amounted to $156.3 million, an increase of 12.3% compared to the same period last year.
The state collected $1.9 million in tax from sports betting providers during the month, bringing the total tax income from sportsbooks so far in 2024 to $10.2 million.
NBA Betting Reaches $168.8 Million
Regarding individual sports wagering activity, basketball (NBA) was the most popular sport amongst bettors in the Centennial State. At $168.6 million, the hoop game accounts for 33% of the overall state handle.
Baseball attracted the second-highest wagers at $85.8 million, while tennis came in third place with 6.4% of the total handle. Hockey bets came in at 5.2%, soccer at 4.1%, and table tennis at 2.6%.
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